Three quarters of millionaires admit curiosity in Bitcoin because the cryptocurrency hits an all-time excessive
We hate to say we told you, but we predicted 2020 would be a big year for Bitcoin – and the world’s most famous cryptocurrency, in some ways, proved us right.
After falling to around $ 3,000 levels at the height of the coronavirus market crash, Bitcoin hit an all-time high this week and is worth over $ 22,000 at the time of writing.
The appreciation now brings the cryptocurrency’s total market cap to nearly $ 320 billion – just a fraction less than the record high of $ 335 billion, and the value continues to rise.
While the cryptocurrency was not immune to the sweeping financial disaster caused by a global pandemic, it has recovered spectacularly thanks to a number of factors – and more and more skeptical investors have begun to take advantage of the blockchain.
From the recent “halving” – a four-year event that halves the levels of new currencies put into circulation – in May this year to the development of better technology for opportunity investment like the Bitcoin Future website, it has been a banner year for Bitcoin – and loud According to a report, the cryptocurrency could finally have entered the mainstream as an investment vehicle.
Bitcoin price has soared more than 400% this year from a low of around $ 3,600 in March
A global survey recently published last month found that nearly three-quarters of high net worth individuals have plans to invest in cryptocurrencies before the end of 2022.
The survey, conducted by the deVere Group, a leading global independent financial advisory organization, found that 73% of respondents will hold or plan to hold digital currencies in the next two years.
The survey says it received over 700 responses from “wealthy” people – in this case classified as having wealth over £ 1 million or equivalent, reaching all four corners of the world.
Nigel Green, CEO of deVere Group, who led the launch of the company’s cryptocurrency exchange service in 2018, said, “Bitcoin price is up 125% since the start of the year, making it again one of the top performing assets of the year.
“As the survey shows, this impressive achievement is attracting the attention of wealthy investors who increasingly understand that digital currencies are the future of money and don’t want to be left behind in the past.”
Thousands of people are using cryptocurrencies to improve their standard of living
The survey results show a 5% increase in the interest rate on cryptocurrency investments compared to the previous year, while the deVere survey for 2019 showed a result of 68%.
Green continued, “Without a doubt, many of these high net worth individuals surveyed have seen that the growing interest of institutional investors benefiting from the high returns in the digital asset class is a major driver of the price surge.
“They – including some of the largest Wall Street banks – are now aware that the largest and most influential decentralized currency in the world is going nowhere.
Green believes that the increase in interest from established investors and financiers can only lead to more success for the cryptocurrency in the long term – and this view is confirmed by PayPal’s recent decision to validate Bitcoin on their platform.
Cryptocurrency is changing the way we think about money. Photo credit: PixieMe / Bigstock.com
Bitcoin has proven in many ways to be the most versatile solution to the financial problems that plagued 2020. Quantitative easing exposes traditional fiat currencies to inflation problems.
Green said: “[Bitcoin is a] legitimate hedge against longer-term inflation concerns that have come to the fore as a result of stimulus packages. These emergency measures, like the massive money printing agenda, are reducing the value of traditional currencies like the dollar.
“Other inherent features of cryptocurrencies are also attracting interest. Part of this is that they are limitless and perfectly suited to an increasingly globalized world of trade, commerce and people. that they are digital, which makes them perfect for the increasing digitization of our world; and that demographics are on the side of cryptocurrencies, as younger people are more likely to adopt them than older generations. “
“Wealthy individuals are unwilling to miss the future of money and are balancing their portfolios on these digital assets.”